The price of (BTC) is down 23% in the 8 days following its failed attempt to break the $45,000 resistance on Feb. 16. The $34,300 bottom on Feb. 24 came on the heels of the escalation of the conflict between Russia and Ukraine, causing risk asset prices to plunge sharply.
As Bitcoin hit its lowest level in 30 days, Asian equities were also adjusting to worsening conditions, evidenced by the Hong Kong index falling 3.5% and also hitting a 15-month low.
Pair on FTX. Source: TradingView The first question that needs to be answered is whether cryptocurrencies are overreacting compared to other risky assets. Without a doubt, at 62% per year, the volatility of Bitcoin is much higher than that of traditional markets.
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